Hi Friends,
I can’t tell if a crypto move was smart or dumb, so maybe you can tell me.
I had 150 CAKE coin laying around, which is about $1,100 currently. Pancakeswap changed their pools recently, and I had this in their auto compounding pool, making roughly 60% APY. This was nothing spectacular, but it could be unstated at any time.
Well, with their recent change, you can earn a lower amount by staking in their regular pool, but they increased the payout for those who lock their coin in varying dates. I decided to do the max, and lock these 150 CAKE coins in for a year at 190% APY.
On one hand, I am getting a much better APY on the same coins so very smart. The $1,100 will be worth around $3,300 when unstated in a year, assuming the price stays at the current $8 per coin. On the other hand, I locked myself out of being able to sell the coins for a year, and if they spike to $100 during that time, I will not be able to do anything about it, so pretty dumb.
What do you think of locking in coins for a year to get a higher yield - smart or dumb?
Thanks for coming by,
Brian
Posted Using LeoFinance Beta
You should compare to what you would do with that if not locking it for a year.
That's why the high apr, I wouldn't do it but that's me.
Posted Using LeoFinance Beta
Yeah, I still am not convinced it was the right move, but we shall see!
I don’t know. It’s really tempting for that APR, but if it does spike you’ll be kicking yourself because it won’t be that high when it vests.
Yep, that’s the dilemma!
This is very smart because change can happen at any time. Thanks for sharing
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